XML 33 R25.htm IDEA: XBRL DOCUMENT v3.22.2

Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Comparison of the Carrying Value and Estimated Fair Value of Financial Instruments

A comparison of the carrying amount and estimated fair value of these financial instruments is as follows:

(In millions)			As of June 30, 2022												As of December 31, 2021
			Carrying Amount						Estimated Fair Value						Carrying Amount						Estimated Fair Value
Assets
Cash and cash equivalents			$	4.1					$	4.1					$	23.3					$	23.3
Restricted cash and cash equivalents			426.7						426.7						410.9						410.9
Restricted securities available for sale			66.0						66.0						62.1						62.1
Loans receivable, net			6,323.7						6,643.1						6,336.3						6,580.4
Liabilities
Revolving secured line of credit			$	220.7					$	220.7					$	2.6					$	2.6
Secured financing			3,768.9						3,660.2						3,811.5						3,832.1
Senior notes			793.4						761.0						792.5						825.8
Mortgage note			9.2						9.2						9.7						9.7

Schedule of Assets and Liabilities, Measured at Fair Value on a Recurring Basis

The following table provides the level of measurement used to determine the fair value for each of our financial instruments measured or disclosed at fair value:

(In millions)			As of June 30, 2022
			Level 1						Level 2						Level 3						Total Fair Value
Assets
Cash and cash equivalents (1)			$	4.1					$	—					$	—					$	4.1
Restricted cash and cash equivalents (1)			426.7						—						—						426.7
Restricted securities available for sale (2)			52.5						13.5						—						66.0
Loans receivable, net (1)			—						—						6,643.1						6,643.1
Liabilities
Revolving secured line of credit (1)			$	—					$	220.7					$	—					$	220.7
Secured financing (1)			—						3,660.2						—						3,660.2
Senior notes (1)			761.0						—						—						761.0
Mortgage note (1)			—						9.2						—						9.2

(In millions)			As of December 31, 2021
			Level 1						Level 2						Level 3						Total Fair Value
Assets
Cash and cash equivalents (1)			$	23.3					$	—					$	—					$	23.3
Restricted cash and cash equivalents (1)			410.9						—						—						410.9
Restricted securities available for sale (2)			49.0						13.1						—						62.1
Loans receivable, net (1)			—						—						6,580.4						6,580.4
Liabilities
Revolving secured line of credit (1)			$	—					$	2.6					$	—					$	2.6
Secured financing (1)			—						3,832.1						—						3,832.1
Senior notes (1)			825.8						—						—						825.8
Mortgage note (1)			—						9.7						—						9.7

(1)Measured at amortized cost with fair value disclosed.

(2)Measured at fair value on a recurring basis

X

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=123594938&loc=d3e13467-108611

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

+ Details

Name:	us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration